A majority of wealthy U.K.-based investors see an economic upside for the U.K. despite uncertainty surrounding its withdrawal from the EU, according to a new quarterly survey by UBS.
Published Tuesday by UBS Global Wealth Management, the study polled more than 3,600 global investors and entrepreneurs with at least $1 million in investable assets. Drilling down into just the U.K. high net worth investors, which accounted for 338 of those surveyed, more than 60% said they felt optimistic about the U.K. economy over the next decade. Meanwhile, 44% had a positive outlook for the next 12 months.
"If I get a call tomorrow and somebody says I've got an X billion-pound company that I think might make sense for you to own, and that I would actually like to have as part of Berkshire, I'll get on the plane and be over there," he said. Caroline Simmons, deputy U.K. chief investment officer at UBS Global Wealth Management, added: "We continue to advise hedging downside risks to sterling and maintaining global diversification in order to manage political risks."More cautiousness came earlier this week, when an analysis published Monday showed that financially unstable "zombie firms" are posing a significant threat to the U.K. economy.
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